APR is it fair?

edited 30 October 2009 at 7:21PM in Credit Cards
3 replies 593 views
ryantcbryantcb Forumite
273 Posts
edited 30 October 2009 at 7:21PM in Credit Cards
I wanted to delete this post but cant see how

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  • Yes, APR means ANNUAL percentage rate.

    What you seem to have missed in your understanding is that the credit card company is levying an APR of approx 60%. I can't believe they stated otherwise.
    However hard up you are, never accept loans from your friends. Just gifts
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    there are very very few CC that offer 4%APR
    generally they charge 20-30% .. maybe you are looking at there monthly rate rather than APR

    however if they did offer 4% APR, then on 100 they would add £0.3274 to the debt in interest for the first month

    the second month your debt would be 100.3274 so the interest would be £0.3284

    so in the third month then your debt would be £100.6558
    and the interest would be 0.3295

    after 12 months the total will be £104
  • izoolsizools Forumite
    7.5K Posts
    OP might have deleted his post but this sounds like Vanquis.

    They post the Simple interest rate on their statements, and when I call them they also quote the annual simple interest as the APR.

    I typically have to ask three to four times "I know you are quoting the simple interest rate. That is NOT what I asked for, tell me the ANNUAL percentage rate, or pass me through to your supervisor" then they cough up the real figure.

    They keep claiming that my OH has an APR of 45%. He doesn't, it's 59.9%

    Lying scoundrels, good job I clear in full every month :D
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